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Mastercard, Visa suspend business in Russia after invasion | Work

New York (AP) — MasterCard and Visa have suspended operations in Russia, the companies said Saturday. Ukrainian invasion..

According to Mastercard, cards issued by Russian banks will no longer be supported on the network, and cards issued abroad will no longer work in Russian stores and ATMs.

“We’re not downplaying this decision,” Mastercard said in a statement, adding that it started after discussions with customers, partners and the government.

Visa said it will work with Russian clients and partners to suspend all Visa transactions in the coming days.

In a statement, Visa Chairman and Chief Executive Officer Al Kelly was forced to act following Russia’s provocative invasion of Ukraine and the unacceptable events we witnessed. “.

Suspension is a follow-up to a more limited move at the beginning of the week to block financial institutions from networks that act as arteries in the payment system.Russian people already Struck hard by heavy sanctions Fines imposed by the US government and others.

Since the invasion of Ukraine, the value of the Russian currency, the ruble, has fallen by more than a third, hitting a record low. It is pushing up inflation in Russian homes and all fears have helped make very long lines at ATMs.

Many other companies around the world are also moving to increase financial pressure on Russia and its people due to the attack on Ukraine. Some companies are selling shares in Russian companies such as energy giant BP, while others have stopped shipping products to Russian companies such as Harley-Davidson.

“This ongoing threat to war and peace and stability requires us to respond in line with our values,” said Kelly of Visa.

Copyright 2022 AP communication. all rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.



Mastercard, Visa suspend business in Russia after invasion | Work

Source link Mastercard, Visa suspend business in Russia after invasion | Work

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